A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 Federal Bank Plot Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.00% - 9.25% Floating
    3,000 to ₹7,500 + applicable tax One time fee
    15Crs Max
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Good to Know
    Eligibility Criteria
    Federal Bank Plot Loan is Rated as "Great!" by 51 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Home Loan BYTES FROM OUR KITCHEN

    Federal Bank Plot Loan

    Overview:

    Plot loans are loans provided for a vacant plot or plots for subsequent house construction, although the terms of a plot loan are similar to a home loan. Plot loans can only be availed for a residential plot within corporation or municipal limits.

    Plot Loan at Federal Bank is offered to all resident individuals from salaried to self-employed as well as business people. You can avail a Federal Bank plot loan in the following ways:

    • By downloading the plot loan application form, filling it and physically submitting it to the respective branch.
    • You can also dial the customer care and speak to the contact centre executives and initiate the process of plot loan.
    • You can also visit any branch of the Federal Bank and request for an application form, take assistance from them and avail a plot loan as required.

    Features of Federal Bank Plot Loan:

    Federal Bank Plot Loan has the following features:

    Quick Loan Approval: The bank ensures a speedy process of loan approval, cutting down on the wait period for approval.

    Minimum Documentation: Federal Bank does not give you a long list of documents to be submitted along with the plot loan application form.

    Loan Amount: Borrowers can avail a plot loan up to Rs.25 lakhs. A 40% margin cost is applied where it is a part of land cost as mentioned in the sale deed, stamp duty as well as registration charges.Upto 60% of the plot’s value can be covered in the plot loan from Federal Bank.

    Interest Rate: Interest rate of the Federal Bank Plot loan is calculated using the MCLR method where the marginal cost of funds of the bank, operating costs, tenor premium and negative carry on CRR (Cash Reserve Ratio) is considered.

    The final lending rate of the loan is calculated by adding the MCLR and spread. The MCLR set on the loan disbursal day is applicable until there the rates are reset.

    Loan Repayment: Federal Bank plot loan comes with a repayment period of 60 months. The loan can be repaid via easy EMIs. The various repayment modes that can be opted for, are:

    • Through cheques - You can make loan repayments by depositing a cheque every month against the loan.
    • Internet banking or FedNet - Using Federal Bank’s 24 hour virtual internet banking service, you can make your loan repayments with the click of a button.
    • Automated Payment using ECS where payment is initiated via the electronic clearance service where funds are transferred electronically.
    • By giving standing instructions at the respective branch, you can assign a monthly amount for loan repayment and this way you do not have to worry about remembering it every month.
    • Mobile banking - Federal Bank offers mobile platforms for making online payments such as FedMobile, FedBook and Scan N Pay.

    Security: The plot serves as the security for the loan and as interim security for 100% of the loan value.

    Documents required for Federal Bank Plot Loan:

    The following documents are required when applying for a Federal Bank Plot Loan:

     

    • Identity proof such as Passport, Driving License, Voters ID or PAN Card.
    • Residence proof namely electricity bill, ration card, telephone bill, lease agreement or sales tax certificate.
    • Most recent bank statement of 6 months.
    • Title deed of the plot.
    • Land tax receipt.
    • Any other documents if instructed by the bank.

    FAQs:

    1. What is the maximum plot loan value that I can get from Federal Bank?

      Federal Bank grants plot loan of maximum value of Rs.25 lakhs.

    2. What are my repayment options for a plot from Federal Bank?

      You can make loan repayments via Equated monthly Installments (EMIs) through cheques, internet or mobile banking, automated payment through ECS or standing instructions to your bank branch.

    3. What can I give as ID proof when applying for Federal Loan Plot Loan?

      Passport, Driving License, PAN card or Voter ID can be given as ID proof when applying for a plot loan.

    4. What are the land related documents that I will have to submit to the Federal Bank when applying for a plot loan?

      Title deed of the land, the tax receipt of the land are few of the documents required to be submitted, along with any others if requested by the bank.

    5. How can I contact the customer care in case of complaints or grievances related to the loan?

      You can leave your number on the website, contact the customer care, connect through video chat or write to the bank in case of any complaints or issues regarding Federal Bank plot loans.

    Federal Bank Plot Loan Reviews

    • Federal Bank Home Loan
      "Good for loans"
      0.5 5.0/5 "Blown Away!"
      I will complete the home loan in one and a half years. It took this loan from federal about eight to nine years ago. The interest rate is 9.30%. I got good service during the loan process, even now their services are as same as earlier. I am happy with Federal.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • Federal Bank Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • Federal Bank Home Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      I earlier had my home loan with Federal bank and the process with the bank was good and I had no hassles as long as I was banking with them for this product. When I transferred my loan I was not charged any processing fees as well. It was smooth and easy.
      Was this review helpful? 0
      , pune
      Reviewed on May 16, 2017
    • Federal Bank Home Loan
      "New generation bank"
      0.5 4.0/5 "Great!"
      I got the housing loan from the Federal bank and my entire family is having good relationship with Federal bank because of their good customer service. Interest rate was huge at that time and the customer service was good one with them and their charges were a kind of okay for me.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 11, 2017
    • Federal Bank Home Loan
      "Average bank"
      0.5 3.0/5 "Satisfactory"
      I would describe Federal bank as an average bank probably because their online service is not good. Each time I had to go the bank to change the password. For every single activity I had to visit the branch. Recently, I visited the Branch for getting my Certificate of Interest as I had issues with my online banking. As I had forgotten my online banking password.
      Was this review helpful? 0
      , kochi
      Reviewed on Nov 09, 2016
    • Federal Bank Home Loan
      "Need to be more flexible with customers"
      0.5 3.5/5 "Pretty good"
      I already closed the housing loan with Federal bank and the interest rate was around 10.5%, which was floating based one. They don't have top up facility but while it comes to services, they are really up to the mark. While I took the housing loan, they only have done every help for me. I would like to suggest that they need to give competitive property value for providing loans and also they need to include the top up facility.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 25, 2016
    • Federal Bank Home Loan
      "Easy to apply!"
      0.5 5.0/5 "Blown Away!"
      One of my friend is working with federal bank and due to this, the loan process was pretty easy for me. Interest rate was .25% higher with Fedaral bank for home loan, when compared to other banks. Processing time was very very quick from the banker.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2016
    • Federal Bank Home Loan
      "High ROI"
      0.5 3.0/5 "Satisfactory"
      My home loan is from Federal Bank. The services are good from them. But they have been offering a high rate of interest. I have also requested them to reduce it. And also submitted a letter for it. They are yet to reply back. The charges are normal.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 16, 2016
    • Federal Bank Home Loan
      " Great expernice"
      0.5 4.5/5 "Excellent!"
      There was smooth process from federal bank for the home loan application. We had all the required documents available. The bank executive and manger helped out of the documentation as the property was in different location. They charged the competitive interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 23, 2016
    • Federal Bank Home Loan
      "Best in service"
      0.5 4.0/5 "Great!"
      10 years back I purchased a home loan from Federal bank. At that time they processed my loan with minimum rate of interest. According to me a home loan in federal back is mush faster and easier to avail, compared to any other banks. I would surely recommend this bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 21, 2016
    • Federal Bank Home Loan
      "Satisfied.."
      0.5 3.5/5 "Pretty good"
      Federal bank is good and they have good customer service. I had applied for the home loan with Federal bank but the property is not A-khata so it is not doable and the plan was stopped. According to me I am happy with the service of bank. No idea about charge.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 08, 2015
    • Federal Bank Home Loan
      "Loan amount is less...Loan amount is less...Loan amount is l"
      0.5 3.0/5 "Satisfactory"
      Federal bank was providing less amount comparing with other bank and that was my problem so I could not take the home loan. My expectation was high and asked to sanction high amount but they had some limitations. Interest rate is bit high here in Federal bank.
      Was this review helpful? 0
      , surat
      Reviewed on Dec 08, 2015
    • Federal Bank Home Loan
      "Impressive..."
      0.5 5.0/5 "Blown Away!"
      Federal bank came forward to give several offers. They contacted me and they were ready to sanction the home loan whereas I postponed my decision. Comparatively the charge is competitive for the home loan. They were detailing about the information and that looks very impressive.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Dec 07, 2015
    • Federal Bank Home Loan
      "Rate and charge is common.."
      0.5 4.0/5 "Great!"
      I was unable to avail the home loan as there was some issues in the property that I have selected. I was expecting for 35 lakhs of the loan but Federal bank convinced that they can offer loan only to the registered property as my property is not registered. They tried their level best. Rate of interest is common as other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 07, 2015
    • Federal Bank Home Loan
      "Lesser interest rate...."
      0.5 3.0/5 "Satisfactory"
      Their initial process was very fast. Based on my Home loan their service was good. Charges was quiet higher FEDRAL Bank. Mod charges around 11k. There some agency involved and it would be great if they take direct control. Interest part an all fine when I compare to hdcf bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2015
    • Federal Bank Home Loan
      "Smooth Process"
      0.5 5.0/5 "Blown Away!"
      I took home loan from federal bank within 10 days the loan was disbursed . Interest rate offered was 10.5% floating and now it is 13% . Processing fee charged was 1% on the loan amount. There was no difficulties while submitting the documents because my friend was there .
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 07, 2015
    • Federal Bank Home Loan
      "Good One..."
      0.5 4.0/5 "Great!"
      It was a good experience with federal bank. The services were very good. I got a good response from them when I applied for a home loan. They gave me information about the necessary documents within 20 minutes. They communicated spontaneously. The rate of interest offered was best in the market. I recommend federal bank for a home loan if they do not modify their terms and conditions.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 28, 2015
    • Federal Bank Home Loan
      "Average service "
      0.5 3.0/5 "Satisfactory"
      I would say it was average service provided by Federal Bank based on the Home loan.They were able to fulfill the customer expectation based on the loan process.They have taken around 15-20days to process the loan application.They have not informed about the Insurance prior to the customer.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 28, 2015
    • Federal Bank Home Loan
      "Help The Customers..."
      0.5 3.0/5 "Satisfactory"
      Federal bank was demanding for few documents to process my home loan but I was not having it. On that basis they denied the loan. They responded frequently. If a person does not have any documents, they have to mold their policies and provide some alternative way so that he does not lose that loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 24, 2015
    • Federal Bank Home Loan
      "Be Responsive..."
      0.5 3.0/5 "Satisfactory"
      It was a good approach from federal bank, I have not faced much problems with them. I said them that I will keep my documents ready to avail a home loan but there was no follow up. They should not leave a customer like this. I have never seen them calling back as promised.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 24, 2015
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